HSBC Promotes CFO Georges Elhedery to Chief Exec

Leadership Change - HSBC has appointed Georges Elhedery as the new CEO, effective September 2, following the resignation of Noah Quinn after 37 years with the bank [2][3] - Elhedery, who has been with HSBC since 2005, previously served as CFO and co-CEO of global banking and markets, and has a strong background in leading through change and driving growth [4] Strategic Focus - The new CEO aims to deliver exceptional value to clients and investors by focusing on sustainable growth and strong performance [2] - HSBC is currently implementing cost-reduction measures, including slowing hiring and encouraging investment bankers to consolidate client meetings to optimize business travel [5][6] Product Development - HSBC's Zing has partnered with Visa to develop an international payments app, which allows users to hold funds in multiple currencies and transact globally [7][8]